Determining Objective Characteristics of MCDM Methods under Uncertainty: An Exploration Study with Financial Data

Baydaş, Mahmut; Pamučar, Dragan

doi:10.3390/math10071115

Cited by 48 publications

(31 citation statements)

References 36 publications

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“…Its origins [ 52 ] can be traced back to the concept of Pareto optimization (1896), and it was brought into the decision-making field as a normative decision-making method in the 1960s, represented by the research on objective planning by Charnes and Cooper. MCDM methods are based on the principle of proposing the best solution among the schemes under certain criteria, so they have been used more widely recently [ 53 ]. There was a Monte Carlo Simulation used in a multicriteria decision model [ 54 ] aiming to prioritize flood risks in urban areas under climate effects.…”

Section: Methodsmentioning

confidence: 99%

Spatial-Temporal Sensitivity Analysis of Flood Control Capability in China Based on MADM-GIS Model

Zhang

Liu

et al. 2022

Entropy

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To facilitate better implementation of flood control and risk mitigation strategies, a model for evaluating the flood defense capability of China is proposed in this study. First, nine indicators such as slope and precipitation intensity are extracted from four aspects: objective inclusiveness, subjective prevention, etc. Secondly, the entropy weight method in the multi-attribute decision making (MADM) model and the improved three-dimensional technique for order preference by similarity to ideal solution (3D-TOPSIS) method were combined to construct a flood defense capacity index evaluation system. Finally, the receiver operating characteristic (ROC) curve and the Taylor plot method were innovatively used to test the model and indicators. The results show that nationwide, there is fine flood defense performance in Shandong, Jiangsu and room for improvement in Guangxi, Chongqing, Tibet and Qinghai. The good representativity of nine indicators selected by the model was verified by the Taylor plot. Simultaneously, the ROC calculated area under the curve (AUC) was 70%, which proved the good problem-solving ability of the MADM-GIS model. An accurate assessment of the sensitivity of flood control capacity in China was achieved, and it is suitable for situations where data is scarce or discontinuous. It provided scientific reference value for the planning and implementation of China’s flood defense and disaster reduction projects and emergency safety strategies.

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Section: Methodsmentioning

confidence: 99%

Spatial-Temporal Sensitivity Analysis of Flood Control Capability in China Based on MADM-GIS Model

Zhang

Liu

et al. 2022

Entropy

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“…Step 4 determined the optimal alternative by applying Equations ( 7) and (8). Followed this step, steps 5 and 6 defined the decomposition of the optimal alternative and the decomposition of each of the alternatives by using Equations ( 9)- (12).…”

Section: Illustrative Numerical Examplementioning

confidence: 99%

“…The main characteristic of MCDM is dealing with uncertainty when it comes to providing the most effective and optimal solution founded on the rational decision [7]. From an exploration study that determines the objectives characteristics relative to MCDM approaches, its findings reveal the methods to assist in exhibiting patterns or tendencies of the dual verification mechanism [8]. This assertion manifests that the potential of MCDM techniques is evident in terms of demonstrating capabilities in evaluating as well as comparing different results.…”

Section: Introductionmentioning

confidence: 99%

Two New Approaches (RAMS‐RATMI) in Multi‐Criteria Decision‐Making Tactics

Abdulaal

Bafail

2022

Journal of Mathematics

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When a decision must be made, a tool called multi-criteria decision-making (MCDM) is used to assess and select alternatives among numerous criteria. For a wide variety of complex problems, MCDM methods have demonstrated usefulness in finding the optimal solutions. Despite the abundance of MCDM methods available today, there has been slow progress in developing new methodologies in MCDM in the past decade. In this context, this paper presents new MCDM tools which ranks alternatives based on median similarity (RAMS) between optimal alternatives and other alternatives. RAMS is an extension to the most recently developed technique that used perimeter similarity (RAPS). This paper also introduces a further tool that combines the RAMS method with the multiple criteria ranking by alternative trace (MCRAT) methodology using a majority index and the concept of the VlseKriterijumska Optimizacija I Kompromisno Resenje (VIKOR) method. This tool is ranking the alternatives based on the trace to median index (RATMI). An illustration of the use of RAMS and RATMI is given through a case study of ranking different materials for the selection of break booster valve body in a vehicle. The validity of the new two techniques was tested against seven well-known MCDM techniques (ARAS, SAW, TOPSIS, COPRAS, VIKOR, WASPAS, and MOORA) using fifteen real problems data taken from the literature. The RATMI technique was more promising than RAPS and RAMS for 87% and 93% of the fifteen difficulties, respectively, according to the results of the correlation coefficient tests between the developed techniques and the selected seven techniques.

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“…For the purpose of choosing to buy a suitable CNC lathe from HYUNDAI WIA Machine Tools, we need to consider choosing one of four models KIT4500, E160A, E160C, and SE2000PA. According to the parameters used to describe the characteristics of the machine displayed on the company's website, we have the data as shown in Table 3 [34]. Generally, all four of these machines can handle the work.…”

Section: Example 1 -Selection Of Cnc Lathementioning

confidence: 99%

Combined PIPRECIA method and modified FUCA method for selection of lathe

Trung¹,

Trưởng²,

Thinh³

2022

J Appl Eng Science

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The choice of technological equipment in general or lathe in particular has a great influence on the efficiency of the machining processes. Lathes are often evaluated by many criteria, both quantitative and qualitative. Sometimes the criteria employed by the methods are opposite to each other. Hence the choice of lathe is usually made through the evaluation of multiple criteria, which is known as "Multi-Criteria Decision Making - MCDM". In the research was used PIPRECIA method to determine the weights of the criteria. Modifications to FUCA method were then implemented. The combination of PIPRECIA method and the modified FUCA method were applied to the lathe selection in two cases. In both cases the best and worst alternatives were determined in the same way as when using the CURLI method. This confirms the correct implementation of the FUCA method modification, and the combination of PIPRECIA and the modified FUCA method turns out to be a right approach in the selection of lathes. Details that need to be considered in future research were also mentioned in this study.

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Determining Objective Characteristics of MCDM Methods under Uncertainty: An Exploration Study with Financial Data

Cited by 48 publications

References 36 publications

Spatial-Temporal Sensitivity Analysis of Flood Control Capability in China Based on MADM-GIS Model

Spatial-Temporal Sensitivity Analysis of Flood Control Capability in China Based on MADM-GIS Model

Two New Approaches (RAMS‐RATMI) in Multi‐Criteria Decision‐Making Tactics

Combined PIPRECIA method and modified FUCA method for selection of lathe

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